Tampa-based insurer acquires thousands of Citizens policies

HCI Group Inc., a holding company with operations in homeowners insurance, IT services, real estate and reinsurance, says its subsidiary, TypTap Insurance Co., will assume up to 25,000 policies from Citizens Property Insurance Corp., Florida’s state-backed insurance company.

TypTap received approval by the Florida Office of Insurance Regulation, according to a Thursday news release from HCI Group. Florida law encourages private companies to assume policies from Citizens. The policy is known as "depopulation."

"TypTap has leveraged internally developed technology enabling it to grow organically in Florida," says Paresh Patel, HCI's CEO, in the statement. "With the operating environment improving in Florida, we see an opportunity to supplement TypTap’s existing business through the Citizens depopulation program."